5 tips for successfully managing change.

There is no doubt that the last couple of years have been demanding for both financial services and the economy more broadly in terms of the need to successfully manage change.

From new legislation and operating models to pandemics and bush fires, the demands to pivot, pirouette and evolve have probably felt never ending.

The bad news is – the current outlook suggests this is likely to continue in the foreseeable future.

Unfortunately, the world doesn’t stop turning so you can implement the changes you have deemed to be necessary. Regardless of what’s going on around you, you need to keep your business going and look after your clients and staff.

So how can you successfully manage change within your business, bring your team on the journey with you - and keep the lights on?!

What is Change Management?

Global change management firm Prosci defines change management as “the discipline that guides how we prepare, equip and support individuals to successfully adopt change in order to drive organizational success and outcomes….[it] provides a structured approach for supporting the individuals in your organization to move from their own current states to their own future states.” [1]

In other words, it is the framework – or roadmap - that helps you get from where you are now, to where you want to be in future, with a particular focus on the “people” side of change to ensure change is successfully adopted.

By contrast, project management is focused on the delivery of more tangible or physical elements of implementing change, such as introducing new systems or technology.

Why is change management important?

To quote Charles Darwin, “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.”

Continued success in business depends on successfully managing change, whether that be to counter external factors or competitor activity, to reduce internal pressures or in response to customer demands. But if you fail to plan for a change, you will invariably find that it is the change itself that fails – with significant costs in terms of time spent, money invested and negative impacts on team morale and engagement.

5 tips for successfully managing change

1.       Get REALLY clear on the reason(s) for change upfront

Success depends to a large extent on getting really clear on the specific benefits resulting from making the change.

Change is frequently uncomfortable and so hard to implement. Key stakeholders will want to know the “why” behind the change, and how it benefits them specifically. This helps them to remain focused on the end outcome during the more difficult period(s).

So ask yourself: what is the imperative behind the need for change? What are my key objectives? What are the consequences of not making the change?

As the leader of change, you need to know the answers to these questions so you can champion those benefits loudly, enthusiastically and consistently throughout the process.

2.       Get even clearer on who is impacted.

Take the time to identify all stakeholders who might be impacted by the change. Make sure you can articulate the positive benefits for each of the stakeholders impacted – what’s in it for them?

Can you explain what the impact of the change will mean for their day-to-day activities? Will they need to do things differently?

Internal stakeholders are usually a fairly obvious group but take the time to consider if key partners or clients will be impacted. Will they need to change how they interact with your business? If the answer is yes, you need to have a plan to manage these changes for them as well.

3.       Know the numbers.

Be clear (but realistic) on the timeframes to plan and implement the change and track your progress. Review whether or not you can successfully implement the proposed changes using existing resources, or if you need to bring in additional resources deliver change whilst your team keeps running “business as usual”.

There are a number of change management models available online that set out a framework you can follow, and a structured plan is important, so you know you have the right level of resources, time and support to deliver successfully.

4.       Communicate, communicate, communicate.

You can’t communicate too much in times of change!

Having identified those impacted by the change, make sure you have a formal plan that identifies the messages specific to each of your key audiences. The communications plan should also set out the frequency and timing of communication to each group.

Consider mixing up HOW you communicate with each group, and allow different stakeholders the opportunity to ask questions – not everyone will feel comfortable asking questions in a group environment for example.

A good change management communications plan will need to be closely aligned with the project delivery plan.

5.       Celebrate progress.

The last couple of years has taught us that change fatigue is real. Support your teams by celebrating progress. Recognising success and progress will help to maintain the motivation and momentum required to keep going when change fatigue inevitably kicks in!

Change management can be difficult to implement when you are deeply involved in the day to day running of your business.

If you are looking for additional support with implementing change to make sure your vision for the business becomes reality, reach out today to discuss how we can support you.

[1] source: https://www.prosci.com/resources/articles/what-is-change-management#:~:text=Change%20management%20is%20the%20discipline,drive%20organizational%20success%20and%20outcomes.